Legal departments are turning to specialized software to reduce costs, increase efficiency, and to work remotely and globally. To ensure they make the best use of their tech spend, many legal departments are creating “legal technology roadmaps.” These plans typically include software to handle:
- e-billing
- case or matter management
- document holds (for litigation)
- document management
- contract lifecycle management
- compliance with insider trading and gift/ethics policies
- subsidiary information management
- tracking powers of attorney
- tracking intellectual property ownership and renewal
In addition, these plans identify how the department will involve its people in training and usage, budget, and installation timeline.
Do all legal departments need a plan? Don’t think that only huge legal departments need a legal tech plan. Large departments tend to have a higher level of tech maturity, but small and mid-size departments can be very innovative and tech-forward too, increasing their value and impact.
Don’t have a plan? Consider developing one. Now, as you work on your 2021 budget, is a perfect time. Look for repetitive processes that lend themselves to automation. Look to put your data where you need it most – and don’t keep the same data in different places (requiring duplicative updates and increasing risk of errors). The plan’s goal is not necessarily to eliminate headcount but to elevate and expand the work that your team can do.
What if you already have a plan? If you have a legal tech plan, now is an opportune time to update it. COVID has changed many aspects of how you work and given you the opportunity to further enhance collaboration tools and streamline processes.
Does you plan include board-management software? Board management software should definitely be in your plan! COVID-19 transformed how corporate boards must work and how the people who support boards must work. While you and your board may be doing OK with stopgap measures, you may be wondering how to do better for the long-term. Board management software such as Foresight® is the solution – it can address those challenges and enhance how your team and board collaborate. It elevates how boards and corporate governance professionals work using advanced technology. To learn more, go to https://foresight.board-ops.com/solution
